The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has designated two crypto exchanges registered in the United Kingdom — Zedcex and Zedxion — for sanctions due to allegations of facilitating transactions related to the Islamic Revolutionary Guard Corps (IRGC).
This is the first time OFAC has designated a digital asset exchange for sanctions due to its financial activities within Iran’s economy. The IRGC is currently listed as a terrorist organization by the United States and the European Union.
According to the announcement, these two exchanges are connected to Babak Morteza Zanjani — an Iranian businessman who was convicted of embezzling billions of dollars from the National Iranian Oil Company. The U.S. Department of the Treasury accuses that after being sentenced and released from prison, Zanjani continued to fund activities related to the IRGC.
The Treasury states that Zedcex has processed over $94 billion in transactions since registering in August 2022, and both exchanges handle large volumes of funds linked to IRGC-related partners. Previously, OFAC had sanctioned individual crypto wallet addresses and technology providers involved in evading sanctions, but this is the first time an entire exchange has been blacklisted under a financial sanctions framework targeting Iran.
Blockchain analytics firm TRM Labs reports that these two exchanges have processed approximately $1 billion in IRGC-related funds since 2023, accounting for 56% of their total transaction volume, mostly through USDT on the Tron network.
This move comes amid increased scrutiny of Iran’s crypto activities. Another report indicates that the Central Bank of Iran has purchased at least $507 million USDT, believed to be aimed at supporting the rial, which is experiencing a sharp devaluation.
The sanctions package also targets high-ranking Iranian officials accused of involvement in violent crackdowns on protesters, including Interior Minister Eskandar Momeni Kalagari. The U.S. Department of the Treasury states that in 2025 alone, it has sanctioned over 875 individuals, vessels, and aircraft related to Iran’s sanctions evasion networks. U.S. citizens are prohibited from conducting transactions with individuals and entities on the sanctions list.
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